Joint venture to acquire Coca-Cola Refreshments Canada. Coca-Cola Co earlier this month agreed in a non-binding letter of intent to sell its Canadian bottling and distribution business to a joint venture of Larry Tanenbaum, head of Kilmer Group, a Canadian family office, and Junior Bridgeman.
Junior Bridgeman, who joined the Coke bottling system in 2017 with the formation of Heartland Coca-Cola, became President and CEO of Coca-Cola Heartland, covering territories in Kansas, Missouri and Southern Illinois. Prior to this, Junior Bridgeman created Manna Inc., presided as the CEO and President, and created one of the largest restaurant franchise operations in the United States, based in Louisville, Ky. He also had a 12-year career as a very successful Professional Basketball Player in the NBA. No financial terms were released; however, the Globe and Mail reported the value to be about $800 million.
The letter of intent, which is subject to the parties reaching a definitive agreement, is expected to result in a deal closed later in 2018. Coca-Cola Refreshments Canada operates five production facilities and over 50 sales and distribution centres. Its sale will wrap up Coca-Cola’s refranchising of North American bottling operations.
“Coca-Cola has been refreshing Canadians for more than 120 years and it was important for us to find the right partners that understand our business and the Canadian market,” said Jim Dinkins, President of Coca-Cola North America. “Junior Bridgeman, @JuniorBridgeman was a proud customer of The Coca-Cola Company for more than 30 years before investing in our system as a bottler, demonstrating his passion for our business and our brands. When you combine that with Larry Tanenbaum’s successful track record and deep Canadian roots, this is the perfect partnership to continue to build our business in Canada with a highly local approach.”
Bottles of Coca-Cola are seen at the Coca-Cola facility.
longstanding history of building successful businesses throughout Canada, in areas as diverse as sports and media, and real estate and infrastructure. Additionally, Tanenbaum serves as chairman of Maple Leaf Sports & Entertainment, the owners of the Toronto Maple Leafs, Toronto Raptors, Toronto FC, Toronto Argonauts and the Air Canada Centre. He is also chairman of the Board of Governors of the National Basketball Association, and serves as a governor of the National Hockey League and Major League Soccer.
“As a lifelong fan of Coca-Cola, I am delighted to be joining the Coca-Cola system,” said Larry Tanenbaum. “I have seen the company evolve over the years and know there is tremendous growth potential for The Coca-Cola Company’s broad range of brands in the Canadian market. There is already a strong foundation and I look forward to working alongside Junior to continue to build the business through great brands, strong local execution and exceptional customer service.”
Junior Bridgeman joined the Coke bottling system in 2017 with the formation of Heartland Coca-Cola, covering territories in Kansas, Missouri and Southern Illinois. Prior to this, Junior created and led one of the largest restaurant franchise operators in the United States, Manna Inc., based in Louisville, Ky. He also had a 12-year career as a professional basketball player in the NBA.
“Coca-Cola has been a big part of my life and I am excited for this opportunity to be part of the Canadian business,” said Junior Bridgeman. “Larry and I are committed to building on the traditions of The Coca-Cola Company while leveraging our heritage of putting people first, serving our local communities, and refreshing Canadians from coast to coast to coast.”
Added Shane Grant, business unit president of The Coca-Cola Company in Canada: “Looking to the future of Coca-Cola in Canada, we could not ask for better partners than Larry and Junior. We already have a strong foundation with The Kilmer Group through its various holdings, and this new partnership will provide unique and unprecedented opportunities as we continue to accelerate the growth of our business.”
This non-binding Letter of Intent initiates the final step to complete the refranchising of all of The Coca-Cola Company’s company-owned bottling operations in North America. In October 2017, the company announced the completion of refranchising in the United States.
The letter of intent announced today is subject to the parties reaching definitive agreements. The parties are committed to working together to implement a smooth transition with minimal disruption for customers, consumers and system associates. Financial terms were not disclosed.
The transaction is expected to close in the second half of 2018.
21st Century Beverage Partnership Model History
The Coca-Cola Company began working with its bottling partners a decade ago on plans to develop a model that evolves the system to serve the changing customer and consumer landscape, with a focus on creating stronger system alignment. A critical step was the company’s acquisition of the North American territories of Coca-Cola Enterprises in 2010, which led to the establishment of Coca-Cola Refreshments.
Since the closing of the transaction involving the North American territories of
Coca-Cola Enterprises, The Coca-Cola Company has accelerated the implementation of the new model by strategically addressing the bottling system, customer service, product supply and a common information technology platform.
Ultimately, the Coca-Cola system in North America will be comprised of economically aligned bottling partners that have the capability to serve major customers, coupled with the ability to maintain strong, local ties across diverse markets in the United States and Canada.
More On Junior Bridgeman And Coca Cola
Leading With Heart, Head And Humility: Meet Junior Bridgeman, President And CEO Of Heartland Coca-Cola
In April 2016, Heartland Coca-Cola became just the third new, independent bottler to join the Coca-Cola family in recent decades. Heartland’s operations span most of Kansas, a significant portion of Missouri, a little over half of Illinois and a small part of Nebraska. The company, its Lenexa, Kansas production plant, and its 18 regional distribution centers are run by the family duo of Junior Bridgeman and his son, Justin.
Junior’s interest in the Coca-Cola business dates back to his days as an NBA basketball player. One year during his time with the Milwaukee Bucks, he was trying to find a corporate sponsor for a free summer camp he was organizing.
“We immediately thought of Coca-Cola,” he recalls. “So we went to the local bottler in Milwaukee and asked him if he would get involved and help us.”
“And without hesitation, he said ‘Yes, of course!’”
Coke’s commitment to the community was impressive, but a tour of the bottler warehouse and distribution facility piqued his interest as an investor and businessman.
“I was amazed to walk around and see stacks and stacks of beverages, and the trucks rolling in,” he said. “It just seemed like a fun environment and something I think was always in the back of my mind.”
Junior is now the president and CEO of Coca-Cola Heartland. And despite standing tall at 6’5”, he refuses to lead from anywhere but below. In describing his leadership style, he talks of an inverted pyramid with leaders at the bottom and customers at the top.
“I am the least important person here,” Junior says. “Everybody that makes everything happen day-to-day, all the way up to the customers, that’s who is really important. I am just here to support and figure out how to make what they do better, easier and fun.”
Junior’s team ethos drives him to make Heartland work—not only as part of the larger Coca-Cola ecosystem, but also for the people and communities his business serves.
“When I first came here, I would see on the walls the jerseys of people who had been with Coca-Cola for 35, 40, 45 years, given their lives to this brand,” Junior continued. “That was an awakening for me. I did not anticipate how deep it runs inside all the people that work here in Heartland Coca-Cola.”
Since joining the company last year, Bridgeman has made a point to meet with mayors, council people and other local businesses—not just in Kansas City and St. Louis, but in smaller communities as well.
“We want to talk about what they have going on in their communities and how we can help. We will take all of their ideas and then figure out what we can do to make an impact, to get more involved, to make a difference in what’s going on. It’s not what can Coca-Cola Heartland do, but rather what can they do with our help.”
Among the organizations Heartland supports are Crittenton Children’s Center at St. Luke’s Hospital in Kansas City and the Crisis Nursery and St. Patrick Center in St. Louis. Bridgeman has also personally supported the founding of several basketball camps and a Louisville boys’ school for children that were homeless.
Junior Bridgeman Opens New Restaurant At Louisville Ky’s Fourth Street Live!
“We are proud to partner with the Cordish family to create a truly special restaurant for downtown Louisville,” stated Junior Bridgeman, President and CEO of Manna, Inc. “Birracibo is committed to quality, local ingredients, and an artisanal food and beverage program, and we are thrilled to debut this restaurant at Fourth Street Live! Birracibo will be a beautiful, but relaxed place to socialize and dine, creating a comfortable neighborhood gathering place for downtown.”
“Junior Bridgeman and his family are incredible business people, world class restauranteurs and dedicated community leaders,” stated Blake Cordish, Vice President of The Cordish Companies. “Birracibo is a wonderful, locally owned addition to the Louisville dining scene. We are so proud and excited that Junior Bridgeman chose to unveil Birracibo with us at Fourth Street Live!”
“Birracibo will be a shining new addition to Fourth Street Live! and the City of Louisville,” stated Mayor Greg Fischer. “Junior Bridgeman is a beloved local icon in the community and we are thrilled that he has selected to open this new restaurant downtown in partnership with the Cordish family. I am confident that Birracibo will be a huge success and local favorite for years to come.”
Executive Chef Bruce Mosley, who has led several highly respected gastro-pub concepts in California and the Washington, DC area, is working with the Bridgeman family to create a menu focused on social sophistication, wine pairings, and the region’s best craft beers.
“I am excited to be part of the growing Louisville culinary scene,” stated Chef Mosley. “There are amazing happenings here… simplicity, great ingredients, and innovation. With ever changing daily specials, we want to be a place Louisvillians will enjoy on a weekly basis.”
“Birra” and “cibo” translated from Italian mean “beer” and “food” respectively. Birracibo will honor that namesake by showcasing the best local and regional beers as well as a menu that will assuage sophisticated palettes and casual diners alike. “Sourcing premium ingredients like San Marzano tomatoes, Parma Prosciutto, and Caputo flour from Italy and pairing them with the best local ingredients will make the difference. We will keep it simple and great with the highest quality ingredients being the focus,” adds Mosley.
About Fourth Street Live!
Fourth Street Live! is Louisville’s premier dining and entertainment destination located in the heart of Downtown Louisville on Fourth Street between Liberty and Muhammad Ali Boulevard. A short walk from historic downtown hotels, the Kentucky International Convention Center, Waterfront Park, the KFC Yum Center, Slugger Field, and more, Fourth Street Live! offers something for everyone. Valet parking is located at the intersection of Muhammad Ali Boulevard and 4th Street. Public parking is conveniently located at the Fourth Street Live! garage. For more information, please visit www.4thstlive.com.
About The Cordish Companies
The Cordish Companies’ origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Real Estate Development, Gaming & Hospitality, Entertainment Management and International Urban Planning & Development. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. Prime examples are The Cordish Companies’ prominent role in the redevelopment of Baltimore’s world famous Inner Harbor; Philadelphia, PA; Atlantic City, NJ; Charleston, SC; Houston, TX; Louisville, KY; Kansas City, MO and St. Louis, MO. In addition, The Cordish Companies has developed and operates multiple highly acclaimed entertainment destinations throughout the United States which welcome over 50 million visitors per year and are the most visited destinations in their respective regions. Over the generations, The Cordish Companies has remained true to the family’s core values of quality, entrepreneurial spirit, long-term personal relationships and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information visit www.cordish.com or follow us on Twitter.
About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is the world’s largest total beverage company, offering over 500 brands to people in more than 200 countries. Of our 21 billion-dollar brands, 19 are available in lower- and no-sugar options to help people everywhere more easily control added sugar. In addition to our namesake Coca-Cola drinks, some of our household names around the world include: AdeS soy-based beverages, Ayataka green tea, Dasani waters, Del Valle juices and nectars, Fanta, Georgia coffee, Gold Peak teas and coffees, Honest Tea, Minute Maid juices, Powerade sports drinks, Simply juices, smartwater, Sprite, vitaminwater, and Zico coconut water. At Coca-Cola, we’re serious about making positive contributions to our world. That starts with reducing sugar in our drinks and bringing new and different drinks to people everywhere. It also means continuously working to reduce our environmental impact, creating rewarding careers for our associates, and bringing economic opportunity wherever we operate. In fact, together with our bottling partners, we employ more than 700,000 people around the world. For more information, visit our digital magazine Coca-Cola Journey at www.coca-colacompany.com and follow The Coca-Cola Company on Twitter, Instagram, Facebook and LinkedIn.
